aibioBiomX sets up $2,000,000 credit line from Mandragola with 12% notes
Mandragola Ltd is the lender under a credit line that issues 12% convertible promissory notes for each advance. Mandragola also received a five-year warrant.
Key facts
- News type
- Debt Financing
- Primary source
- BiomX Inc. 8-K (2026-06-05)
BiomX Inc. entered into a Line of Credit Agreement dated May 13, 2026 with Mandragola Ltd, a company formed under the laws of Israel. The revolving line is up to $2,000,000, available to the company or any operating subsidiary. Each advance is evidenced by a convertible promissory note with simple annual interest of 12%.
The notes convert into common stock at the closing price on the trading day before the conversion notice. Earlier advances Mandragola made for the company's acquisition of a controlling stake in Dr. Frucht Systems Ltd. count as advances under the line.
On June 2, 2026, BiomX issued 1,013,637 restricted shares to three individual assignees on partial conversion of a note originally issued to Mandragola, covering approximately $379,000 in principal. The company then had 11,160,153 shares outstanding.
As additional consideration, the company issued Mandragola a five-year warrant for up to 2,000,000 shares of common stock at $12.00 per share, with a cashless exercise feature. Shares under the warrant need stockholder approval under NYSE American rules. Mandragola is the only lender named, and the filing names no placement agent or advisor.